It proposes to redevelop the site of the former Primark store in the Castlegate area to create just over 200 flats.
Designed by architect Hodder + Partners, the £40m Kings Tower scheme planning application follows submissions for two other high-rises for student accommodation in recent weeks.
If approved, the plans would involve the demolition of the vacant shopping store at 57 High Street, with a construction team on site by next summer.
The client team includes building services consultant Novo Engineering and structural engineer Clancy Consulting. with Turner & Townsend acting as cost consultant.
The building will be clad in white brick-slips at the lower levels, with portland stone fluted columns for the higher floors.
Kings Tower will sit alongside phase 1 of the redevelopment of Kings Buildings, which comprises 26,000 sq ft of new retail and leisure space and the 131-bed easyHotel.
Tony Marsden, director at SFGE Properties Ltd, said: “Having purchased the site in 2016, we can now unveil our longstanding vision for this important city centre location.
“Thanks to Kings Tower it will be possible for more people to live in the centre of Sheffield in high-quality apartments and deliver a new retail offering in the Castlegate area, already one of the most accessible places in the city.
“We are confident Kings Tower will reinvigorate the area and provide a much-needed boost to the local economy.”
Stephen Hodder, Chairman of Hodder+Partners, added: “The design reflects the site’s significance and its ability to kick-start this part of Sheffield with a compelling piece of architecture close to the city centre.
“We believe Kings Tower will send out a very positive message about Sheffield City Council’s ambitions for the economic wellbeing of the city.”